None During 2017, Ms. Freya Matthews withdraws $23000 from her RRSP under theprovisions of the Home Buyer's plan. Due to some unexpected income receivedduring 2018, she repays $2600 in that year. What is the amount of her minimumrepayment during 2019?Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in yourresponse.Your Answer:

To calculate the minimum repayment amount for Ms. Freya Matthews during 2019 under the Home Buyer's…

Answered: During 2017, Ms. Freya Matthews…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 5DQ

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Joy incurs the following expenses in her business. When can she deduct the expenses if she uses the accrual method of accounting? the cash method? a. Joy rents an office building for 750 a month. Because of a cash flow problem, she is unable to pay the rent for November and December 2019. On January 5, 2019, Joy pays the 2,250 rent due for November, December, and January. b. Joy borrows 60,000 on a 1-year note on October 1, 2019. To get the loan, she has to prepay 6,200 in interest. c. Joy owes employees accrued wages totaling 20,000 as of December 31, 2019. The accrued wages are paid in the regular payroll on January 5, 2020. d. Joy purchases 2,400 worth of supplies from a local vendor. The supplies are delivered on January 29, 2019. They are fully used up on December 30, 2019. Because of unusual circumstances, a bill for the supplies arrives from the vendor on January 10, 2020, and is promptly paid. e. While at a trade convention, Joy purchases some pens and paperweights to send out as holiday gifts to her clients. She charges the 700 cost to her credit card in December 2019. She pays the credit card bill in January 2020.
Joan, a single mother, has AGI of $61,500 in 2019. In September 2019 , she pays $5,000 in qualified tuition for her dependent son who just started at Big University. What is Joan's American Opportunity credit for 2019? $0 $1,250 $2,125 $2,500 Some other amount
On December 31, 2019, Don accepted a note receivable from Mike’s Builders for $1,000 as a good faith promise to pay for electrical engineering services rendered that week. The terms of the note are: Face $1,000, Interest 7%, Due in 180 Days. Prepare Don’s journal entry for December 31, 2019. Pay close attention to what I am asking for.
2019 Thuy worked as the assistant manager at Burger Crown through August 2019 and received wages of $79,000. Thuy then worked at Up and Down BUrger starting in September of 2019 and received wages of $61,500. Calculate the amount of Thuy's overpayment of Social Security taxes that she should report on her 2019 Form 1040. (round to nearest two decimals places) $
Ian retired in December of 2022 at the age of 72 (his birthday is January 6). Ian's retirement account was valued at $352,000 at the end of 2021 and $360,000 at the end of 2022. He has had all of his retirement accounts open for 15 years. Note: Leave no answers blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount. Required: What is Ian's required minimum distribution for 2022 and 2023 under each of the following alternative scenarios? (Use Exhibit 13-3) Ian's retirement account is a traditional 401(k) account. Ian's retirement account is a Roth 401(k) account. Ian's retirement account is a traditional IRA. Ian's retirement account is a Roth IRA.
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Please show working. This question is split. See attachment for full questions. Please answer a and b (if you can't answer b3, its fine.) Jan sold her house on December 31 and took a $40,000 mortgage as part of the payment. The 10-year mortgage has an 11% nominal interest rate, but it calls for semiannual payments beginning next June 30. Next year Jan must report on Schedule B of her IRS Form 1040 the amount of interest that was included in the two payments she received during the year. a. What is the dollar amount of each payment Jan receives? Round your answer to the nearest cent. _________ b1 How much interest was included in the first payment? Round your answer to the nearest cent. ___________ b2 How much repayment of principal was included? Do not round intermediate calculations. Round your answer to the nearest cent. _________ b3 How do these values change for the second payment? -Select- the correct option. The portion of the payment that is applied to interest declines,…
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1 Julia is turning 65 in June 1, 2022. She wants to stop paying into CPP. As she gets paid twice a month and her gross pay is $3,500 for every pay check, what is her CPP contribution for 2022? What is her CPP deductions from each pay period? How much does her employer have to remit to CRA each pay period? Please show the calculations.
Under Home Buyers' Plan, individuals are not permitted to deduct RRSP contributions that are made and immediately withdrawn within ____ days. Question 10 options: a) Calendar year end b) 90 days c) 120 days d) Month end
On December 31, 2019, Don accepted a note receivable from Mike’s Builders for $1,000 as a good faith promise to pay for electrical engineering services rendered that week. The terms of the note are: Face $1,000, Interest 7%, Due in 180 Days. Prepare the journal entry for Don on March 31, 2020 (quarterly) pertaining to the note. Pay close attention to what I am asking for.

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